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Today's Prices (Fri pm)

CME LIVESTOCK:  Live Cattle: $134.60 (+2.025); Feeder Cattle: $174.50 (+0.90); Hogs: $102.975 (+0.875); Milk: $22.34 (-0.48) (Cattle Futures Rallying on Cheaper Feed)    

CME GRAINS:   Corn: $7.545 (+10.75); Soybeans: $16.26 (-49.00); Wheat: $8.3125 (-37.50); Cotton: $103.68 (-0.26)     

STOCK UPDATE: Dow 30: 31,097.26 (+321.83); Nasdaq: 11,127.85 (+99.11); S&P 500: 3,825.33 (+39.95) (Stocks Recover Early Losses and Close Higher as T-Note Yields Fall)      

MEATBOARD:    Boxed Beef Choice: $263.82 (-0.18); Pork Carcass: $108.75 (+1.50); Chicken Breast: $298.12 (-3.50) (Pork ends up only down 28 cents from Monday; Chicken falls under $300)     

BOXED BEEF:  Choice: $263.82 (-0.18) Select: $240.47 (-0.10); Ch/Se Spread: $23.35 Total Loads: 101 compared to 102 on Thursday  (Choice down $1.16 from last Friday; down $4.86 from Monday)

ENERGY PRICES:  Crude Oil: $108.46 (+2.70); Heating Oil: $3.9603 (+0.1298); Natural Gas: $5.62 (+0.196)    

USDA Acreage Report

Corn planted area for all purposes in 2022 is estimated at 89.9 million acres, down 4 percent or 3.44 million acres from last year. Compared with last year, planted acreage is expected to be down or unchanged in 35 of the 48 estimating States. Area harvested for grain, at 81.9 million acres, is down 4 percent from last year.

USDA Grain Stocks Report

Corn stocks in all positions on June 1, 2022 totaled 4.35 billion bushels, up 6 percent from June 1, 2021. Of the total stocks, 2.12 billion bushels are stored on farms, up 22 percent from a year earlier. Off-farm stocks, at 2.23 billion bushels, are down 6 percent from a year ago. The March - May 2022 indicated disappearance is 3.41 billion bushels, compared with 3.58 billion bushels during the same period last year.

Cattle Trade:  Live sales down $1 at $137

So far for Thursday negotiated cash trading in the Texas Panhandle has been slow on light demand. Compared to the last reported market on Wednesday live purchases have traded 1.00 lower at 137.00. In Nebraska and Western Cornbelt negotiated cash trading has been limited on light demand. Not enough purchases in these regions for a market trend. In Kansas and Colorado negotiated cash trading has been at a standstill. Wednesday in Kansas live purchases traded at 138.00. Wednesday in Nebraska live and dressed purchases traded from 145.00-151.00 and at 234.00, respectively. Wednesday in the Western Cornbelt live and dressed purchases traded from 147.00-150.00 and at 234.00, respectively. Last week in Colorado live purchases traded at 145.00.

U.S. Beef Exports:   Sales up 52% from last week

Net sales of 17,000 MT for 2022 were up 52 percent from the previous week and 6 percent from the prior 4-week average.  Increases primarily for South Korea (5,100 MT, including decreases of 1,100 MT), China (4,500 MT, including decreases 400 MT), Japan (2,000 MT, including decreases of 1,000 MT), Taiwan (1,700 MT, including decreases of 100 MT), and Indonesia (1,000 MT), were offset by reductions for Chile (100 MT).  Exports of 19,800 MT were up 4 percent from the previous week and 5 percent from the prior 4-week average.  The destinations were primarily to South Korea (5,700 MT), Japan (5,000 MT), China (3,800 MT), Taiwan (1,100 MT), and Canada (1,000 MT).  

National Drought Monitor

The North American Monsoon brought big drought improvements to the Southwest this week, especially New Mexico. However, flash drought is impacting parts of the Midwest, South, and Southeast—where abnormal dryness (D0) is widespread, with pockets of drought. Alaska has also been warm and dry, with huge wildfires. As of June 28, 2022, 42.53% of the U.S. and 47.73% of the lower 48 states are in drought.

68.65% of the contiguous U.S. in drought this week, compared to 62.49% last week and 58.52% last year

National Cattle Tracker:  Top 10 Sales By String Size 

The largest steer and heifer string sold this week was 535 heifers (792#) from Fredonia, Kansas at $169.25.  The second largest string was 353 steers (784#) from Carthage, Missouri at $168.75.   The average price paid for the largest steer and heifer strings sold this week was $164.48.   he CME August feeder cattle futures closed on Friday at $174.50, up $0.90.

Four percent (4%) of the corn in the U.S. had silked by June 26th, compared to NA last week and 4% last year.  Ninety one percent (91%) of the soybeans in the U.S. had emerged by June 26th, compared to 83% last week and 95% last year.   Thirty three percent (33%) of the cotton in the U.S. had squared by June 26th, compared to 22% last week and 30% last year.

Cattle on Feed:  Record High June 1 Inventory

Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 11.8 million head on June 1, 2022. The inventory was 1 percent above June 1, 2021. This is the highest June 1 inventory since the series began in 1996.  Placements in feedlots during May totaled 1.87 million head, 2 percent below 2021. Net placements were 1.79 million head. During May, placements of cattle and calves weighing less than 600 pounds were 370,000 head, 600-699 pounds were 270,000 head, 700-799 pounds were 465,000 head, 800-899 pounds were 469,000 head, 900-999 pounds were 220,000 head, and 1,000 pounds and greater were 75,000 head.  Marketings of fed cattle during May totaled 1.91 million head, 2 percent above 2021.   Other disappearance totaled 76,000 head during May, 13 percent above 2021.

CATTLE SLAUGHTHER:   BEEF PRODUCTION: Weekly production reported at 514.5 million pounds, down 4.6% from last week, up 0.5% from last year.    Weekly cattle slaughter reported at 636K head, compared to 666K last week and 628K last year. YTD slaughter at 16.9 million head, up 1.0% from last year.   CATTLE WEIGHTS: Live weights reported this week at 1,343 lbs., down 1 lb. from last week, down 4 lbs. from last year (EWMP)

THE BEEF READ:   Bottom... After making a new low for the move this week of $131.70, the lowest since June 1, August LC futures shot sharply higher today and closed higher on the week. Futures had become oversold and were trading below the 10 and 40-day moving average (The Beef)  

DAILY DROP:   The hide and offal value was estimated at $13.95, unchanged from Thursday

Rob Cook,